Estimating The Market Structure of Turkish Banking Sector by The Panzar and Rosse H Statistic: Dynamic Panel Estimation (GMM) in 2010-2019 Period
Yıl 2022,
, 299 - 312, 28.04.2022
Tuncay Çelik
,
Özgür Uysal
Öz
As a result of the decreasing inflation rates beginning by the year 2003 in the Turkish Economy, interest rates have decreased, thereby making bank loans favourable. How banks that desire to get a share from the expanding loan market affect the level of competition has become a subject to be curious about. This paper aims to estimate the Panzar and Rosse H Statistic to determine the market structure of the Turkish banking sector in the 2010-2019 period. Dynamic panel estimation (GMM) indicates that the market structure is monopolistic in the analysis period.
Kaynakça
- Arellano, M. & O. Bover (1995), “Another Look at the Instrumental Variables Estimation of Error Components Models”, Journal of Econometrics, 68, 29-51.
- Arellano, M. & S. Bond (1991), “Some Tests of Specifications For Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, Review of Economic Studies, 58, 277-297.
- Bain, J.S. (1951), “Relation of Profit Rate to Industry Concentration”, Quarterly Journal of Economics, 65, 293-324.
- Baltagi, B. (2005), Econometric Analysis of Panel Data, John Wiley & Sons, USA.
- Baltagi, B.H. et al. (eds.) (2001), Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Emerald Group Publishing Limited, Amsterdam.
- Bikker, J. et al. (2006), “Misspesification in the Panzar and Rosse Model: Assessing Competition in the Banking Industry”, DNB Working Paper Series, 114.
- Bikker, J. et al. (2012), “Assessing Competition With The Panzar-Rosse Model: The Role Of Scale, Costs, And Equilibrium”, The Review of Economics and Statistics, 94(44), 1025-1044.
- Bikker, J.A. & K. Haaf (2002), “Measures of Competition and Concentration in the Banking Industry: A Review of The Literature”, Economic & Financial Modelling, 9(2), 53-98.
- Blundell, R. & S. Bond (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87, 11-143.
- Casu, B. & C. Girardone (2006), “Bank Competition, Concentration and Efficiency in The Single European Market”, The Manchester School, 74(4), 441-468.
- Claessens, S. & L. Leaven (2004), “What Drives Bank Competition? Some International Evidence”, Journal of Money, Credit and Banking, 36, 563-584.
- Çelik, T. & M. Kaplan (2007), “Türk Sigortacılık Sektöründe Rekabet 2002-2004”, İktisat, İşletme ve Finans, 22(251), 50-62.
- Demsetz, H. (1973), “Industry Structure, Market Rivalry, and Public Policy”, Journal of Law and Economics, 16(1), 1-9.
- Goddard, J. & J.O.S. Wilson, (2008), Measuring Competition in Banking: Disequilibrium Approach, <http://www.eief.it/files/2008/11/measuring-competition-in-banking-a-disequilibrium-approach.pdf>, 25.10.2021.
- Gujarati, D.N. (2004), Basic Econometrics (4th. Ed.), USA: McGraw Hill Inc.
- Günalp, B. & T. Çelik (2006), “Competition in the Turkish Banking Industry”, Applied Economics, 38(11), 1335-1342.
- Gürünlü, M. (2018), “İşletme Grupları ve Sermaye Yapısı İlişkisi”, Muhasebe ve Finansman Dergisi, 79, 111-122.
- Ildırar, M. & İ. Başaran (2021), “Küresel Finans Krizi’nin Türk Bankacılık Sektörü Piyasa Yapısı Üzerine Etkisi”, Ekonomi, Politika & Finans Araştırmaları Dergisi, 6(2), 289-303.
- İskenderoğlu, Ö. (2008), İşletmelerin Büyümesinde Büyüklüğün Etkisi: Türkiye İçin Bir İnceleme, Adana: Nobel Kitabevi.
- Kocakuşak, S. & B. Berke (2021), “İklim Değişikliği Perspektifinden Ekoloji ve Karbon Emisyonunun Belirleyicileri”, içinde: B. Yavuz-Tiftikçigil (ed.), Farklı Perspektiflerden Sürdürülebilir Kalkınma Amaçları (335-352), Nobel Yayınları, Ankara.
- Macit, F. (2012), “Recent Evidence on Concentration and Competition in Turkish Banking Sector”, Theoretical and Applied Economics, 19(8), 19-28.
- Meta F.E. vd. (2021), “Türk Bankacılık Sektöründe Regülasyon-Piyasa Yapısı İlişkisi: Panel Veri AMG Analizi”, İşletme Araştırmaları Dergisi, 13(3), 2571-2586.
- Molyneux, P. et al. (1994), “Competitive Conditions in European Banking”, Journal of Banking and Finance, 18, 445-459.
- Mustafa, A. & V. Toçi (2017), “Estimation of the Banking Sector Competition in the CEE Countries: The Panzar-Rosse approach”, Zbornik Radova Ekonomskog Fakulteta u Rijeci: Časopis za Ekonomsku Teoriju i Praksu, 35(2), 459-485.
- Nathan, A. & E.H. Neave (1989), “Competition and Contestability in Canada’s Financial System: Empirical Results”, Canadian Journal of Economics, 22, 576-93.
- Panzar, J.C. & J.N. Rosse (1987), “Testing for ‘Monopoly’ equilibrium”, Journal of Industrial Economics, 35, 443-56.
- Repkova, I. & D. Stavarek (2014), “Concentration and Competition in the Banking Sector of Turkey”, Economic Interferences, 16(36), 625-640.
- Roodman, D. (2006), “An Introduction to Difference and System Gmm in Stata”, Center for Global Development Working Paper No: 103.
- Roodman, D. (2009), “How to do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
- Shaffer, S. (1982), “A Non-Structural Test for Competition in Financial Markets”, in: Proceedings of a Conference on Bank Structure and Competition (225-43), Federal Reserve Bank of Chicago, Chicago.
- Switala, F. et al. (2013), “Competition in Commercial Banks in Poland - Analysis of Panzar-Rosse H-Statistics”, UW Faculty of Management Working Paper Series, No: 4, Poland.
- TBB (2010-2019), Bankalarımız, Türk Bankalar Birliği Yayını, Levent/İstanbul.
- Vesala, J. (1995), Testing for Competition in Banking: Behavioral Evidence from Finland, Bank of Finland Studies E:1, Helsinki.
- Yerdelen-Tatoğlu, F. (2020), İleri Panel Veri Analizi Stata Uygulamalı, Beta Yayınları, İstanbul.
Türk Bankacılık Sektöründe Piyasa Yapısının Panzar ve Rosse H İstatistiği ile Tahmini: 2010-2019 Dönemi Dinamik Panel (GMM) Uygulaması
Yıl 2022,
, 299 - 312, 28.04.2022
Tuncay Çelik
,
Özgür Uysal
Öz
Türkiye ekonomisinde 2003 yılından itibaren düşmeye başlayan enflasyona bağlı olarak faiz oranları da gerilemiş, bu süreç bankalardan kredi kullanımını cazip hale getirmiştir. Genişleyen kredi piyasasından pay almak isteyen bankaların, piyasada rekabet düzeyini nasıl etkiledikleri merak edilen bir konu haline gelmiştir. Bu çalışmada, 2010-2019 döneminde Türk bankacılık sektörü piyasa yapısını belirlemek için Panzar ve Rosse H istatistiğini tahmin etmek amaçlanmıştır. Dinamik panel yöntemiyle (GMM) yapılan tahmin, söz konusu dönemde piyasa yapısının monopol olduğunu göstermiştir.
Kaynakça
- Arellano, M. & O. Bover (1995), “Another Look at the Instrumental Variables Estimation of Error Components Models”, Journal of Econometrics, 68, 29-51.
- Arellano, M. & S. Bond (1991), “Some Tests of Specifications For Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, Review of Economic Studies, 58, 277-297.
- Bain, J.S. (1951), “Relation of Profit Rate to Industry Concentration”, Quarterly Journal of Economics, 65, 293-324.
- Baltagi, B. (2005), Econometric Analysis of Panel Data, John Wiley & Sons, USA.
- Baltagi, B.H. et al. (eds.) (2001), Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Emerald Group Publishing Limited, Amsterdam.
- Bikker, J. et al. (2006), “Misspesification in the Panzar and Rosse Model: Assessing Competition in the Banking Industry”, DNB Working Paper Series, 114.
- Bikker, J. et al. (2012), “Assessing Competition With The Panzar-Rosse Model: The Role Of Scale, Costs, And Equilibrium”, The Review of Economics and Statistics, 94(44), 1025-1044.
- Bikker, J.A. & K. Haaf (2002), “Measures of Competition and Concentration in the Banking Industry: A Review of The Literature”, Economic & Financial Modelling, 9(2), 53-98.
- Blundell, R. & S. Bond (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87, 11-143.
- Casu, B. & C. Girardone (2006), “Bank Competition, Concentration and Efficiency in The Single European Market”, The Manchester School, 74(4), 441-468.
- Claessens, S. & L. Leaven (2004), “What Drives Bank Competition? Some International Evidence”, Journal of Money, Credit and Banking, 36, 563-584.
- Çelik, T. & M. Kaplan (2007), “Türk Sigortacılık Sektöründe Rekabet 2002-2004”, İktisat, İşletme ve Finans, 22(251), 50-62.
- Demsetz, H. (1973), “Industry Structure, Market Rivalry, and Public Policy”, Journal of Law and Economics, 16(1), 1-9.
- Goddard, J. & J.O.S. Wilson, (2008), Measuring Competition in Banking: Disequilibrium Approach, <http://www.eief.it/files/2008/11/measuring-competition-in-banking-a-disequilibrium-approach.pdf>, 25.10.2021.
- Gujarati, D.N. (2004), Basic Econometrics (4th. Ed.), USA: McGraw Hill Inc.
- Günalp, B. & T. Çelik (2006), “Competition in the Turkish Banking Industry”, Applied Economics, 38(11), 1335-1342.
- Gürünlü, M. (2018), “İşletme Grupları ve Sermaye Yapısı İlişkisi”, Muhasebe ve Finansman Dergisi, 79, 111-122.
- Ildırar, M. & İ. Başaran (2021), “Küresel Finans Krizi’nin Türk Bankacılık Sektörü Piyasa Yapısı Üzerine Etkisi”, Ekonomi, Politika & Finans Araştırmaları Dergisi, 6(2), 289-303.
- İskenderoğlu, Ö. (2008), İşletmelerin Büyümesinde Büyüklüğün Etkisi: Türkiye İçin Bir İnceleme, Adana: Nobel Kitabevi.
- Kocakuşak, S. & B. Berke (2021), “İklim Değişikliği Perspektifinden Ekoloji ve Karbon Emisyonunun Belirleyicileri”, içinde: B. Yavuz-Tiftikçigil (ed.), Farklı Perspektiflerden Sürdürülebilir Kalkınma Amaçları (335-352), Nobel Yayınları, Ankara.
- Macit, F. (2012), “Recent Evidence on Concentration and Competition in Turkish Banking Sector”, Theoretical and Applied Economics, 19(8), 19-28.
- Meta F.E. vd. (2021), “Türk Bankacılık Sektöründe Regülasyon-Piyasa Yapısı İlişkisi: Panel Veri AMG Analizi”, İşletme Araştırmaları Dergisi, 13(3), 2571-2586.
- Molyneux, P. et al. (1994), “Competitive Conditions in European Banking”, Journal of Banking and Finance, 18, 445-459.
- Mustafa, A. & V. Toçi (2017), “Estimation of the Banking Sector Competition in the CEE Countries: The Panzar-Rosse approach”, Zbornik Radova Ekonomskog Fakulteta u Rijeci: Časopis za Ekonomsku Teoriju i Praksu, 35(2), 459-485.
- Nathan, A. & E.H. Neave (1989), “Competition and Contestability in Canada’s Financial System: Empirical Results”, Canadian Journal of Economics, 22, 576-93.
- Panzar, J.C. & J.N. Rosse (1987), “Testing for ‘Monopoly’ equilibrium”, Journal of Industrial Economics, 35, 443-56.
- Repkova, I. & D. Stavarek (2014), “Concentration and Competition in the Banking Sector of Turkey”, Economic Interferences, 16(36), 625-640.
- Roodman, D. (2006), “An Introduction to Difference and System Gmm in Stata”, Center for Global Development Working Paper No: 103.
- Roodman, D. (2009), “How to do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
- Shaffer, S. (1982), “A Non-Structural Test for Competition in Financial Markets”, in: Proceedings of a Conference on Bank Structure and Competition (225-43), Federal Reserve Bank of Chicago, Chicago.
- Switala, F. et al. (2013), “Competition in Commercial Banks in Poland - Analysis of Panzar-Rosse H-Statistics”, UW Faculty of Management Working Paper Series, No: 4, Poland.
- TBB (2010-2019), Bankalarımız, Türk Bankalar Birliği Yayını, Levent/İstanbul.
- Vesala, J. (1995), Testing for Competition in Banking: Behavioral Evidence from Finland, Bank of Finland Studies E:1, Helsinki.
- Yerdelen-Tatoğlu, F. (2020), İleri Panel Veri Analizi Stata Uygulamalı, Beta Yayınları, İstanbul.